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Home prices in July 2015 inched up just 0.7% from June, but they were still 4.7% higher than they were a year ago, according to Tuesday morning’s S&P/Case-Shiller Home Price Indices, which covers all nine U.S. Census divisions.
The big winners? Not too surprisingly, San Francisco, Denver, and Dallas had the highest price increases: 10.4%, 10.3%, and 8.7%, respectively.
“Those three markets are the hottest markets and have been all year,” our chief economist, Jonathan Smoke said.
This may be why Case-Shiller’s 10-City Composite, which includes urban heavy hitters such as New York City and Los Angeles, remained virtually unchanged from last month, with a 4.5% year-over-year gain. The 20-City Composite, which includes smaller cities such as Phoenix, Denver, and Tampa, posted a 5% year-over-year gain.
The data on realtor.com® have been showing much the same trend, Smoke said: “moderate, but still above average, price appreciation.”
As always, folks, don’t put too much stock in these numbers; once they’re revised next month, things might change. As the Case-Shiller report said, “All 20 cities reported increases in July before seasonal adjustment; after seasonal adjustment, 10 were down, nine were up, and one was unchanged.”
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